The company, which was arraigned before the court alongside a former Managing Director of AMCON, Ahmed Kuru, was convicted by the court after it entered into a plea bargain agreement with the Economic and Financial Crimes Commission (EFCC).
However, Kuru, the first defendant in the case, pleaded not guilty to the charge.
The EFCC had filed a six-count amended charge against them, claiming that the AMCON funds were diverted through Heritage Bank for the benefit of Sigma Golf Nigeria Ltd to facilitate the acquisition of Keystone Bank.
The anti-graft agency also accused the defendants and a former ManagingDirectorof defunct HeritageBank, Ifie Sekibo (at large), of acting dishonestly by allegedly converting to the use of Sigma Golf Nigeria Ltd a total of N20 billion property of AMCON through Heritage Bank for the acquisition of Keystone Bank.
They were further accused of transferring another N20 billion, also derived from stealing, with the intent to conceal its origin and evade consequences contrary to Section 332(1) of the Criminal Law of Lagos 2011, punishable under Section 332(3) of the same act.
When the case was called on Tuesday, the EFCC Counsel, Rotimi Oyedepo (SAN), told the judge that the Commission and Sigma Golf Nigeria Limited, represented by its Chairman, Modibbo, had both agreed to resolve the matter amicably and in accordance with the law, principle of justice and due regards to public policy.
Oyedepo also informed the court that the terms of the plea bargain agreement include that the company shall plead guilty to all the six-count charges and be wound up by the court.
He also the court shall order that all the convict rights, title and interest in the Six Billion, Two Hundred and Fifty Million (6,250,000,000) units of the Keystone Bank Limited’s ordinary shares of N 1.00 each shall forfeited to the Federal Government of Nigeria represented by the EFCC.
The lawyer also stated that upon the conviction of Sigma Golf Nigeria Limited, all the rights, title and interest in the one (1) unit of the Keystone Bank Limited’s ordinary shares allotted to Alhaji Umaru Hamidu Modibbo, the current Chairman of the company, shall be forfeited to the FG.
Oyedepo further disclosed, “In respect of the facts and circumstances of the instant case, the Complainant agrees not to pursue criminal charges both now and in the future against the Alhaji Umaru Hamidu Modibbo.
“That the 3rd Defendant and its Chairman, Alhaji Umaru Hamnidu Modibbo, agrees to fully cooperate with the Prosecution in any ongoing or future investigations related to this matter, including providing truthful testimony if required,” he stated.
Both the convict and its lawyer confirmed that the plea bargain agreement was entered into voluntarily and without coercion.
Also, Kuru’s lawyer, Olasupo Shasore, did not oppose the agreement.
Based on the developments, Justice Oshodi convicted the company and adopted the terms of the plea bargain agreement.
Also, during the proceedings, the judge granted Kuru bail in the sum of N50 million with two sureties who shall swear to an affidavit of means before the court.
The court also directed that the sureties shall be screened and shall produce evidence of payment of tax in the last 3 years
He also ordered the EFCC to notify the Nigerian Immigration Service of the seizure of Kuru’s passport by the court’s registrar.
But before adjourning the case to March 7 for the commencement of the trial, the court temporarily released Ahmed Kuru to his lawyer pending the perfection of his bail conditions.
